UPDATE: Bank of America Resumes Coverage on Plains All American Pipeline LP with Buy Rating, $60 PT on Adjusted Estimates After Multiple Events

In a report published Monday, Bank of America analyst Gabe Moreen resumed coverage on

with a Buy rating and $60.00 price target. In the report, Bank of America noted, “We resume coverage of PAA with a Buy rating and $60 price objective after being restricted due to the IPO of its general partner (GP), Plains GP Holdings, LP (PAGP), which began trading on 16 October 2013. We remain constructive on PAA as we view it as a core holding given its crude oil fundamentals, strong balance sheet, organic growth backlog, and skilled management. We adjust our PAA estimates to incorporate 3Q13 results, the pending acquisition of PNG units outstanding, PAA's higher than estimated 3Q13 distribution, and management guided cash distribution growth in 2014 of 10%. We also introduce our 2016 estimates.” Plains All American Pipeline LP closed on Friday at $51.95.